Friends,
If you are deducting/collecting Income Tax in the form of TDS/TCS, then you are required an Income Tax Return in this concern. The return is filed on Form 24Q, Form 26Q, Form 27Q and Form 27EQ in electronic mode or they can also fill the return in physical mode. These reports have to be submitted in quartly mode the dates of which has been pre-fixed by the Income Tax Department. If these returns are not filled on time, the Income Tax Deparment levys a fee as defined in the Income Tax Act and can also impose penalty on this. All the information in this regard is available on the TRACES website. The brief of it is as under :
Who is required to file e-TDS / e-TCS statement?
As per Income Tax Act, 1961, all corporate and government deductors / collectors are mandatorily required to file their TDS / TCS statements on electronic media (i.e. e-TDS / TCS statements). However, deductors / collectors other than corporate / government can file either in physical or in electronic form.
What are the due dates for filing of statement?
The due dates for filing statements for different forms are as per the below table:
| Form 24Q, Form 26Q, Form 27Q, Form 27EQ | |||
|---|---|---|---|
| Quarter | Period | Government Deductor | Non-Government Deductor |
| Q1 | 1 Apr - 30 June | 31st July | 15th July |
| Q2 | 1 July - 30 Sept | 31st Oct | 15th Oct |
| Q3 | 1 Oct - 31 Dec | 31st Jan | 15th Jan |
| Q4 | 1 Jan - 31 Mar | 15th May | 15th May |
What will be the consequences if I do not file TDS / TCS statement within due date?
There will be a levy of Rs. 200.00 per day under section 234E of the IT Act, 1961 from the due date till the date when statement is filed.
Is there any penalty for non-filing of TDS / TCS statements?
Yes. If TDS / TCS statement is not filed for one year from the due date of filing, there would be a penalty of minimum Rs. 10,000.00 to Rs.1,00,000.00 for not filing TDS / TCS statement under section 271H of the IT Act, 1961.
For more details Click Here
